The Company’s Board of Directors adopted, and the Company’s stockholders approved, the 2017 Equity Incentive Plan (“2017 Plan”), which became effective on May 4, 2017. The initial reserve of shares of common stock issuable under the 2017 Plan was 3,052,059 shares. The 2017 Plan provides for the grant of incentive stock options, non-statutory stock options, restricted stock awards, RSU awards, stock appreciation rights, performance-based stock awards, and other forms of stock-based awards. Additionally, the 2017 Plan provides for the grant of performance cash awards. The Company’s employees, officers, directors, consultants and advisors are eligible to receive awards under the 2017 Plan. Following the adoption of the 2017 Plan, no further awards will be granted under the Company’s prior plan. Pursuant to the terms of the 2017 Plan, on each January 1st, the plan limit shall be increased by the lesser of (x) 5% of the number of shares of common stock outstanding as of the immediately preceding December 31 and (y) such lesser number as the

The Company’s Board of Directors adopted, and the Company’s stockholders approved, the 2017 Employee Stock Purchase Plan (“2017 ESPP”), which became effective on May 4, 2017. The initial reserve of shares of common stock issuable under the 2017 ESPP was 279,069 shares. The 2017 ESPP allows employees to purchase common stock of the Company at a 15% discount to the market price on designated semi-annual purchase dates. During the three months ended June 30, 2026 and 2025, no shares were purchased under the 2017 ESPP, and the Company recorded expense of $13,000 and $3,000, respectively. During the six months ended June 30, 2026 and 2025, 33,015 and 34,509 shares were purchased under the 2017 ESPP, respectively, and the Company recorded expense of $23,000 and $25,000, respectively. The number of shares of common stock reserved for issuance under the 2017 ESPP automatically increases on January 1 of each year, beginning on January 1, 2018 and continuing through and including January 1, 2027, by the lesser of (i) 1% of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding calendar year, (ii) 550,000 shares or (iii) such lesser number of shares determined by the Board of Directors. The Board of Directors acted prior to each of January 1, 2026 and January 1, 2025 to provide that there be no increase in the number of shares reserved for issuance under the 2017 ESPP on either such date. As of June 30, 2026, there were 173,005 shares of the Company’s common stock reserved and available for issuance under the 2017 ESPP.

The Company’s Board of Directors adopted, and the Company’s stockholders approved, the 2014 Equity Incentive Plan (“2014 Plan”), which authorized the Company to grant shares of common stock in the form of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock and RSUs. The 2014 Plan was terminated as to future awards in May 2017, although it continues to govern the terms of options that remain outstanding under the 2014 Plan. No additional stock awards will be granted under the 2014 Plan, and all outstanding stock awards granted under the 2014 Plan that are repurchased, forfeited, expire or are cancelled will become available for grant under the 2017 Plan in accordance with its terms. As of June 30, 2026, options to purchase 638,844 shares of common stock were outstanding under the 2014 Plan.

Unless specified otherwise in an individual option agreement, stock options granted under the 2014 Plan and the 2017 Plan generally have a ten-year term and a four-year graded vesting period. The vesting requirement is generally conditioned upon the grantee’s continued service with the Company during the vesting period. Once vested, all options granted are exercisable from the vesting date until they expire. The option grants are non-transferable. Vested options generally remain exercisable for 90 days under the 2017 Plan and 30 days under the 2014 Plan subsequent to the termination of the option holder’s service with the Company. In the event of the option holder’s death or disability while employed by or providing service to the Company, the exercisable period extends to 18 months or 12 months, respectively, under the 2017 Plan and six months under the 2014 Plan.

The fair value of options granted during the three and six month periods ended June 30, 2026 and 2025 was estimated using the Black-Scholes option valuation model. The inputs for the Black-Scholes option valuation model require assumptions that are detailed in the table below. The risk-free interest rates are based on the rate for U.S. treasury securities at the date of grant with maturity dates approximately equal to the expected life at the grant date. The expected life is based on the simplified method in accordance with the SEC Staff Accounting Bulletin No. Topic 14D. The expected volatility is estimated based on the Company’s published historical stock prices.

The Company granted 410,000 and 305,000 stock options during the three months ended June 30, 2026 and 2025, respectively. The Company granted 4,985,750 and 3,675,900 stock options during the six months ended June 30, 2026 and 2025, respectively. There were 8,623,389 and 8,271,531 unvested options outstanding as of June 30, 2026 and 2025, respectively. During the three and six months ended June 30, 2026 and 2025, the Company had no outstanding performance-based option awards and did not record any related expense in those periods.

The Company granted 43,945 and 0 RSU awards during the three months ended June 30, 2026 and 2025, respectively. The Company granted 442,320 and 249,201 RSU awards during the six months ended June 30, 2026 and 2025, respectively. The RSUs vest in equal installments over three years on the grant date anniversary. At June 30, 2026, there were 696,272 RSUs outstanding. At June 30, 2026, there was $1.1 million of unrecognized stock–based


	Three Months Ended						Six Months Ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
	Weighted Average			Weighted Average			Weighted Average			Weighted Average
Volatility	98.83		%	96.60		%	99.53		%	96.76		%
Expected term in years	6.08			6.11			6.08			6.01
Dividend rate	—		%	—		%	—		%	—		%
Risk-free interest rate	3.81		%	3.96		%	3.76		%	4.35		%
Fair value of option on grant date	$	2.17		$	0.24		$	1.39		$	0.44


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years	Aggregate Intrinsic Value (in thousands)
Options outstanding December 31, 2025	17,613,352	$	2.68	6.56	$	5,332
Vested and exercisable at December 31, 2025	11,042,865	3.49		5.25	$	1
Granted	4,985,750	1.74
Exercised	(144,107)	1.37
Forfeited or expired	(1,247,568)	4.13
Options outstanding June 30, 2026	21,207,427	2.42		7.13	$	16,908
Vested and exercisable at June 30, 2026	12,584,038	$	3.03	5.78	$	6,336